Utah Legislation Allows LIHTCs to be Transferred, Designates $10 Million for Housing
Legislation signed into law in Utah allows state and federal low-income housing tax credits to be transferred and provide a one-time extra allocation to the Olene Walker Housing Fund. Under S.B. 39, the state Legislature will allocate $10 million to the Olene Walker Housing Loan Fund in fiscal year 2021, with half going to gap financing for private-activity bond financed multifamily property and half to match private dollars for the preservation or construction of affordable housing. The legislation is generally effective May 12.